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Photo credit: Daewoo E&C |
[Alpha Biz= Kim Jisun] Daewoo Engineering & Construction (Daewoo E&C) announced on May 26 that it has signed a main contract worth $784 million (approximately KRW 1.08 trillion) with Turkmenhimiya, the state-owned chemical corporation of Turkmenistan, for the construction of a mineral fertilizer plant.
The contract was finalized on May 24 and marks Daewoo E&C’s first-ever project in Turkmenistan. The facility will be built in Turkmenabat, the country's second-largest city located approximately 450 kilometers east of the capital, Ashgabat. The project includes production facilities for 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually, along with various auxiliary infrastructures. The construction period is expected to be 37 months from the groundbreaking date.
Kim Bo-hyun, CEO of Daewoo E&C, stated, “As this is our first project in Turkmenistan, we will mobilize our full capabilities to deliver a world-class facility.”
This contract marks Daewoo E&C’s entry into the Central Asian market. With abundant natural resources and high growth potential, Turkmenistan offers promising business opportunities. Daewoo E&C plans to actively expand its presence in the region, targeting additional contracts in the petrochemical and fertilizer sectors. The company also aims to explore new ventures in infrastructure, smart city development, and other emerging sectors.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
